Marathon Digital Holdings Sees 134% YoY Increase in Bitcoin Production

Marathon Digital Holdings, a leading company supporting and securing the Bitcoin ecosystem, has announced significant progress in its mining operations for April 2023. The company reported an increased operational hash rate of 22% to 14 EH/s and an installed hash rate growth of 16% to 17.9 EH/s. This brings Marathon closer to achieving its primary target of 23 exahashes near the middle of 2023.

In April, Marathon produced 702 BTC, marking a 134% increase year-over-year. However, this figure represents a decrease from the previous month due to factors such as network difficulty rate adjustments, curtailment activity, and the impact of the “luck factor.” The company remains confident in its progress, with CEO Fred Thiel stating that they aim to establish Marathon as one of the largest and most energy-efficient Bitcoin miners globally.

The company’s first deployment of immersion mining was initiated in Jamestown, ND. This move is part of Marathon’s broader strategy to optimize miner performance and enhance operational efficiency through technological innovations. In total, the company’s operating fleet increased to approximately 122,900 Bitcoin miners, theoretically capable of producing about 14.0 EH/s.

Marathon’s financial highlights for April 2023 include $123.5 million in unrestricted cash, as well as an increase in Bitcoin holdings to 11,568 BTC (approximately $319.2 million). The company plans to sell a portion of its Bitcoin holdings in the future to support monthly operations, manage its treasury, and for general corporate purposes.